Crypto Exchange Coinbase Continuing to Explore Support for 18 New Digital Assets For Customers
June 11, 2020 3:32 pm
Coinbase, the largest cryptocurrency exchange in the United States has announced the exchange is considering offering support for 18 new digital assets including VeChain, Synthetix and DigiByte, but did not give a timeline for listing these assets.
According to a blog post from Coinbase, the Coinbase is exploring support for Aave (LEND), Aragon (ANT), Arweave (AR), Bancor (BNT), Compound Coin (COMP), DigiByte (DGB), Horizen (ZEN), Livepeer (LPT), NuCypher (NKMS), Numeraire (NMR), KEEP Network, Origin Protocol (OGN), Ren (REN), Render Network (RNDR), Siacoin (SC), SKALE Network, Synthetix (SNX), and VeChain (VET). However, the exchange is not considering adding Siafunds (SF). The blog stated the process required “significant technical and compliance review” in addition to some regulatory approval.
“We will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. Our customers can expect Coinbase to make future, similar announcements as we continue to explore the addition of numerous assets across the platform.”
Coinbase Custody, the international institutional cryptocurrency holdings arm of the exchange, seems to have accidentally announced stablecoin Tether (USDT) would be part of the token expansion in a Tweet earlier today. However, the announcement referencing USDT on Coinbase has since been deleted.
A surge in Token Prices
When Coinbase adds support for new digital assets, bullish behaviour can often follow. In March 2019, when the exchange announced it would be adding Stellar Lumen (XLM) the token gained around 5.66% on the day. Much of MakerDAO’s (MKR) recent doubling in price has been credited to it being attached to Coinbase.
Shortly after the Coinbase announcement when live, the price of VET shot up from $0.0081 to $0.0091, an increase of 12.34%. DGB also surged at the end of the day, rising above $0.02 for the first time in weeks.
With Coinbase, some members of the crypto community remain upset and the hashtag #DeleteCoinbase is trending on Twitter. “They dropped the ball with the last outage. This may be too little too late,” Reddit user itscbj.
Recent outages during Bitcoin (BTC) price surges coupled with the news Coinbase may sell its blockchain intelligence arm to the Internal Revenue Service (IRS) and the Drug Enforcement Agency (DEA) has prompted massive withdrawals from the platform. The exchange users withdrew 22,000 more BTC than they deposited, a difference of $214 million, on June 7.
Alex Mashinsky, CEO of Celsius Network even tweeted, stating “the platform had received more than $70 million in deposits last week as users shifted funds from Coinbase.”